This Huge Myth About Entrepreneurship Is Bad for Business

Before Theranos founder and CEO Elizabeth Holmes became one of the most infamous corporate fraudsters of all time, she was an archetype of entrepreneurship. After getting a game-changing idea at the age of 19, she dropped out of Stanford and spent her 20s building a multibillion-dollar business. The size of her success was important, but so was the age at which she achieved it.

Youth seems to be a big part of the entrepreneurial narrative. When we aren’t hearing about startup millionaires in their early 20s, we’re being regaled with stories of famous entrepreneurs who began hustling in adolescence. If success is a by-product of working harder and longer than others, getting started before finishing your college degree seems to be the ultimate badge of legitimacy.

The problem is that our conception of fresh-faced entrepreneurs isn’t backed up by data. According to the U.S. Small Business Administration (SBA), only 16 percent of small businesses are owned by someone under 35. The average age for startup founders is around 40, and for those behind the most successful exit strategies, it’s 47.

In reality, Sara Blakely of Spanx fame is more representative of entrepreneurs than Holmes. Blakely built Spanx into an empire, largely thanks to the strength of her will rather than any entrepreneurial acumen. She didn’t even start until she was in her late 20s, long after the “prime” age for entrepreneurial adventures.

This myth that entrepreneurs all start out by selling lemonade and hustling from an early age is not just incorrect — it’s counterproductive. It sends the message that entrepreneurship is less legitimate or attainable for late bloomers. That could keep a lot of exciting, innovative ideas out of the marketplace, and worse, it might prevent experienced older professionals from staking out on their own because they assume they’ve missed their chance.

Read more at Entrepreneur.com

Challenging the “Myths” of American Entrepreneurship

The more entrepreneurs, the better. Right? Wrong.

At least, that’s the word according to Scott Shane, G’91, GrW’92, a renowned researcher on all things entrepreneurship. Shane, a professor at Case Western Reserve University’s Weatherhead School of Management, raised some eyebrows—and drew some criticism, too—with the publication of his recent book, The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors and Policy Makers Live By. 

Built around Shane’s rigorous examination of American entrepreneurship, the book lays out some less-than-pleasant realities about the quality of our nation’s entrepreneurs and their impact on the overall economy—realities that some people, it seems, aren’t yet willing to accept.

“I think people are in denial,” says Shane, the author of 11 books on entrepreneurship and innovation management. “I think people are actually mad at me for writing this.”

Shane began work on the book, he says, after years of hearing the same old clichés about entrepreneurship—but not seeing any actual data to back them up. With this book, Shane intended to finally challenge those clichés.

Ultimately, he proved many of them to be false.

Read more at Magazine.Wharton.UPenn.edu

How Entrepreneurs Can Make a Difference (ChangeNow 2021)

Entrepreneurship is more accessible than ever before, but entrepreneurs haven’t always used this opportunity to make the world a better place. On Founder Institute’s 10-year anniversary, we declared a mission for the next decade: By 2030, 80% of FI companies will build businesses that directly address the UN SDGs (United Nations Sustainable Development Goals).

Jonathan Greechan, Co-founder of the Founder Institute, shares FI’s “For Progress” initiative noting, “Not every entrepreneur can (or wants to) ‘change the world,’ but every entrepreneur can do their part to make progress on the SDGs. This is what ‘For Progress Companies’ are all about.”

Read more and watch the video at fi.co

3 Reasons Homeschoolers Often Become Entrepreneurs

I learned the word “entrepreneurship” when I was 12. I had just started my first business, and my mother informed me I was now an “entrepreneur.”

I didn’t know what the word meant, but I liked the way it sounded.

Even better, I liked having a business. I was selling hand-knitted dolls, made from patterns I had designed myself. I sold them for $24 apiece, which, at 12 years old, was good money. It would only take me four sales to make nearly $100, and $100 significantly upped the balance I scrawled on the lid of my money box.

That number excited me when I first got started. Little did I know I would surpass it many times over in the years I was in business.

The money was nice. More importantly, I was learning real-world lessons about life, business, and being opportunistic—skills that served me well in my future entrepreneurial ventures, such as breaking into the startup world and becoming a professional development coach.

It wasn’t until I was an adult that I realized how much of an advantage being homeschooled gave me when it came to thinking entrepreneurially.

There are some very tangible reasons why.

Learn more at Fee.org

The Best First Jobs for People Interested in Entrepreneurship

When we are young, time is like rich soil, in which we plant for the future. Aspiring entrepreneurs should be especially conscious of their first career choices, as it can be the experience they need to prepare for their own ventures. As the academic year closes out, seniors across the country are evaluating job offers and looking around for the best opportunities to start their careers.

Some students will look for a great tech name, some for the best exposure to their favorite industry and others for whatever job pays the most. But many ask what is the best job versus the best first job. Instead, first jobs should be stepping stones — a way to capture knowledge quickly and move on, versus a position that offers immediate gratification in the form of compensation, benefits or a title. This is especially important for future entrepreneurs.

If you are a young person planning to be an entrepreneur, here are some tips and considerations for evaluating your first job. I’m coming at this both as an entrepreneur myself and as someone involved in recruiting through my work. Think of these first job categories as paths meandering to a beautiful beach — they each lead to the same beach, but they will each offer different sights and experiences along the way.

Learn more at Entrepreneur.com

“The business is a place where everything we know how to do is tested by what we don’t know how to do, and that the conflict between the two is what creates growth, what creates meaning.”Michael Gerber, The E-Myth Revisited

How business accelerators can help new startups succeed after COVID-19

The COVID-19 pandemic resulted in the loss of 225 million jobs around the world.

Younger people have been significantly affected, particularly in industries stalled due to restrictions caused by the pandemic. Many businesses did not survive and unemployment is expected to push more people into entrepreneurship.

These entrepreneurs will need support to survive and thrive after the pandemic. Innovation and entrepreneurship will be essential for economies to recover and build resiliency. Therefore, how these entrepreneurs and their new ventures are supported is important.

Business accelerators, a mechanism to support and grow new ventures, will need to evolve post-pandemic to support new entrepreneurs.

Read more at TheConversation.com

What Is A Startup?

Whether they want to change the world or simply make their business vision a reality, startup founders dream of giving society something it needs but hasn’t created yet—and doing it at scale.

For the less industrious, startups also have another appeal—eye-popping valuations that hopefully lead to an initial public offering (IPO) with an astronomical return on investment.

Startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers.

Startups are rooted in innovation, addressing the deficiencies of existing products or creating entirely new categories of goods and services, thereby disrupting entrenched ways of thinking and doing business for entire industries. That’s why many startups are known within their respective industries as “disruptors.”

You may be most familiar with startups in Big Tech—think Facebook, Amazon, Apple, Netflix, Google, collectively known as FAANG stocks—but even companies like WeWork, Peloton and Beyond Meat are considered startups.

Read more at Forbes.com

The ‘Next Normal’ for startups: How the early stage investors’ money moves in the post-COVID-19 world

If people were told a year back that their life would be confined to four walls, they would have laughed it off. But today it’s a reality. Humanity across the globe is facing a crisis that our generation has not seen before. The decision that people and their elected governments would take will shape this world into a different place, not just in healthcare but also in our economies and businesses. Our shoulders are not just burdened with responsibilities of the near future but also with decisions that will shape our long-term future and we need to act consciously and sanely.

If we look at the wider perspective, this pandemic is not only a health crisis of the highest magnitude that will force us to make decisions, but it may also change the global economic and business order. And startups, that might be immediately firefighting and concerned about the near-term survival, will soon have to start thinking about their distant future – a future which may change their business models and in some cases their businesses and maybe a vision as well. And all this will have to happen while the battle against the ‘invisible enemy’ continues so that they roll out their new version of businesses as soon as we see the light at the end of this pandemic tunnel.

But while startups and their stakeholders find out what needs to be changed in their business models, the question that looms over everyone is what is going to be the ‘New Normal’. While people are still figuring out what changes may come in, it is increasingly becoming clear that this period is going to change certain things fundamentally forever — the way we live, the way we eat and most importantly the way we do business.  It may still be too early to gauge or decide whether these changes will be permanent or temporary but some industries and sectors will see darkness for some time — long enough to move out of the attention of the private investors like the venture capitalists and private equities.

Read more at MoneyControl.com

“What makes people work is an idea worth working for, along with a clear understanding of what needs to be done.”Michael Gerber, The E-Myth Revisited

Acceler8Success Group: Connecting the Right Brands, People & Opportunities!

The uncertainty of COVID-19 pandemic created the perfect time to diversify and expand. After all, it’s been said that necessity is the mother of invention. To that end, Acceler8Success Group was formed mid-2020, building upon Acceler8Success principles and methods that have proven successful since 2014.

Widely recognized as industry leaders & experts, Acceler8Success Group leadership have extensive experience as entrepreneurs in small business & restaurants, as senior-level executives within nationally recognized brands, and as franchisees within successful franchise systems. 

Members of Acceler8Success Group along with Strategic Partners have earned designation as Certified Franchise Executives, Certified Franchise Brokers, Certified Business Brokers and Commercial Real Estate Brokers. Positioned to deliver services within the U.S., Canada and other Global markets, languages spoken include: English, Spanish, Portuguese, French, Italian, German and Russian. 

How the Pandemic Impacted Entrepreneurship

The COVID-19 pandemic entirely changed the way most people approached, well, everything. The economic and business consequences of the COVID era have been immense, and businesses have taken a huge hit. For small businesses and entrepreneurs, it has proven to be a particularly difficult time from which it will take years to fully recover.

To learn just how the pandemic has impacted entrepreneurs and what the future looks like for entrepreneurship in the U.S., Skynova surveyed over 500 people about all aspects of the world of business and how the pandemic has affected it.

Among respondents, 57% said they were negatively impacted by the pandemic. While 18% said they weren’t impacted at all, a shocking 26% said they felt the pandemic had a positive effect on their business. Overwhelmingly, the biggest industry impacted among entrepreneurs who saw negative effects from the pandemic was retail. Seventy-six percent of entrepreneurs who were negatively impacted said their business was in retail, while 71% said they provided in-person services, 69% were in the hospitality industry, 47% worked in e-commerce, and 42% in digital services.

Interestingly, 40% of e-commerce businesses and 44% of digital/remote entrepreneurs said they were positively impacted by the pandemic. The biggest favorable impact among respondents who felt the pandemic had affected them positively cited a new customer base. Twenty-two percent said as much, while 21% felt that a growth in e-commerce was responsible for a positive experience.

The top negative experience for entrepreneurs was overwhelmingly revenue loss, with 47% highlighting that as the thing that impacted them the most. Forty-four percent said a loss of customers was to blame, while 27% blamed delayed timelines, 24% cited temporary closings, and 21% said supply chain issues weighed heavily.

Read more at ValueWalk.com

Pandemic Fuels Global Growth Of Entrepreneurship And Startup Frenzy

The global pandemic has brought about a true boom in startups, as the number of new companies around the world has significantly surpassed the indicators of last year. Such a surge in entrepreneurship is being attributed to workers who were laid off and started their own businesses.

The Financial Times reports, citing official state statistics, that a boom in entrepreneurship in many countries has been recorded against the backdrop of the coronavirus pandemic of 2020:

• In the United States, in July 2020 the number of applications for starting a business reached its all-time highs of 551,657 00 an increase of 95% compared to the same period in 2019, according to the Census Bureau.

• In France, 84,000 new businesses were registered in October, according to McKinsey. This is a historical maximum and a 20% increase from the same month in 2019.

• Japan registered 10,000 new businesses in September 2020, up by 14% over the same month in 2019.

• In the U.K., the number of registered companies increased by 30% year on year in November and December 2020, according to the National Statistical Office. Startups have grown in the double-digit values since June.

Such a natural accelerator of startups as the pandemic has undoubtedly had a positive effect on the global economy. These developments on the individual entrepreneurship level are likely to aid numerous economies to quickly defeat the consequences of the pandemic. However, at the same time, some of the newly formed enterprises may not be able to withstand competition or find an application and are likely to quickly go bankrupt.

Learn more at Forbes.com

“You shouldn’t focus on why you can’t do something, which is what most people do. You should focus on why you can, and be one of the exceptions.” – Steve Case, co-founder of AOL

15 Business Ideas to Launch During a Pandemic

During the COVID-19 pandemic, many professionals who had been furloughed or laid off decided to forge their own path and launch a business. These newly minted entrepreneurs quickly discovered that, despite the national and global circumstances, there were plenty of pandemic-friendly business ideas that could be successfully executed.

Although the vaccine is beginning to restore normalcy to everyday life, some lasting changes from this time, like remote work, online retail and home delivery services, will carry over into the post-pandemic world. Plus, launching a business with the pandemic in mind means you can future-proof your new company for crisis situations like COVID-19.

Learn more at USChamber.com

How To Start A Business During COVID

According to a study conducted by the National Bureau of Economic Research, the Covid-19 pandemic has placed a tremendous strain on the American economy, with more than 100,000 small businesses permanently closing their doors. Yet despite these statistics, the increase in U.S. new business applications hit a 13-year high, as highlighted in an analysis of U.S. Census Bureau data from the Wall Street Journal.

What is inspiring these brave entrepreneurs to start a business during such unprecedented times? A recent survey reveals that 27% of these new founders were laid off from their full-time jobs, while 51% identified a unique business opportunity and decided to make the leap. Given that recessions are times of great need and moments of crisis inspire innovation, this may be a great time to strike out on your own.

Read more at Forbes.com

Here’s how these small businesses pivoted to survive during the pandemic

When the Covid pandemic hit, small business owners across the country scrambled to stay afloat.

Those who managed to stay open were the fortunate ones. As of May 5, the number of U.S. small businesses that are open decreased by 33.8% compared to January 2020, according to Opportunity Insights, a Harvard-based economic tracker.

Learn more at CNBC.com

SBA COVID-19 Relief Options

Paycheck Protection Program – This forgivable loan helps businesses keep their workforce employed during the COVID-19 crisis.

COVID-19 EIDL – This program provides funding to small businesses and non-profit organizations currently experiencing a temporary loss of revenue related to COVID-19.

Shuttered Venues Grant – The Shuttered Venue Operators Grant program provides emergency assistance for eligible venues.

Restaurant Revitalization Fund – This program provides assistance for eligible restaurants, bars, and other food service businesses impacted by COVID-19.

SBA debt relief – SBA provides a financial reprieve to existing borrowers during the pandemic.

Read more at SBA.gov

Start-ups: Entrepreneurship Through the Most Innovative Ideas

Startups are small but brilliant companies. They are the result of groundbreaking ideas through which entrepreneurs want to change the world. In addition to its capacity to innovate, the difference between a startup and an SME is the flexibility of a startup in adapting to change and in its customer-centric approach.

In 1996, two students from Stanford University joined forces to create the best Internet search engine. They developed it within the facilities of the university itself as well as in a neighbours’ garage. And thus, Google was born. The project did not take long to find its first investor: the co-founder of Sun Microsystems, Andreas von Bechtolsheim, who gave them a cheque in the amount of 100,000 dollars.

Young entrepreneurs — such as Larry Page and Sergey Brin were in their day — are the origin of many small companies that have great potential for growth. Although they are developed in almost every sector, the vast majority arise from technology. Google, Twitter and Facebook were all born thanks to a start-up — or emerging company —.

Read more at Iberdrola.com

16 Entrepreneurship Trends for 2021/2022: New Forecasts & A Look Into What’s Ahead

New technologies, evolving customer demands, societal shifts, and the COVID-19 pandemic are rapidly changing the business landscape. These factors paved the way for location-independent companies, niche markets, disruptive industries, as well as closely-knit global teams. However, to reap the benefits that these changes have to offer, you must keep yourself up-to-date on the emerging entrepreneurship trends.

To help you out, we have compiled some data on the different industry shifts to look out for in 2021 and beyond. With this, it’ll be easier for you to fully grasp the changes that can affect your entrepreneurial endeavors and update your strategies accordingly. As such, you can keep your business moving forward in the changing times and keep your edge against the competition.

Many people put entrepreneurship on a pedestal. As a result, people at a very young age are being encouraged to become entrepreneurs when they grow up. This idea took deep roots in many of America’s young people’s minds. In fact, 12% of all SMEs have Millennial owners (Guidant Financial, 2020).

However, it is really hard to become a successful entrepreneur. To illustrate, only half of new businesses survive five years or longer, while only a third reach the 10-year mark (U.S. Small Business Administration, 2019). This is attributed to the many hurdles and challenges that lurk in the ever-changing business landscape. Many new (and even seasoned) entrepreneurs fail to keep up. Thus, they get selected out of their respective evolutionary markets.

What’s more, external market forces are not the only things to overcome. Some entrepreneurs may have started on the wrong foot altogether. Researchers found that about 42% of failed businesses were not needed by the market at all (CB Insights, 2019). This means that these entrepreneurs offered products and/or services that nobody really wanted. Moreover, about 17% marketed non-user-friendly products.

Read more at FinancesOnline.com

How an entrepreneurial idea can be transformed into a startup

Starting your own business is tricky and risky. Many things can go wrong. Starting off requires a capital that not everyone has. Finding that capital is not very difficult. Business loans were created for that particular reason. But can you be certain that your business will flourish? Will you be able to pay the loan back? These scary thoughts haunt the minds of the young aspiring business owner and keep them from making their dreams come true!

It is true that it is impossible to know what the future of your company is going to be like. But what you can do is raise the odds of success. To do that you need an idea. The IDEA. That one idea that will make your business shine. That one idea that will be different from all the other. The idea of an Entrepreneur.

An entrepreneurial idea is a special thing. It is an innovating idea of offering something different. An idea that no one else has or even if they did, yours is a little bit different. It offers something more. And it is that idea that will give your business a good chance in the labor market. Turning the entrepreneurial idea into a startup business, however, demands certain expertise. The idea itself will not be enough without the right background to support it.

Learn more at IED.eu

Acceler8Success Group: Connecting the Right Brands, People & Opportunities!

The uncertainty of COVID-19 pandemic created the perfect time to diversify and expand. After all, it’s been said that necessity is the mother of invention. To that end, Acceler8Success Group was formed mid-2020, building upon Acceler8Success principles and methods that have proven successful since 2014.

Widely recognized as industry leaders & experts, Acceler8Success Group leadership have extensive experience as entrepreneurs in small business & restaurants, as senior-level executives within nationally recognized brands, and as franchisees within successful franchise systems. 

Members of Acceler8Success Group along with Strategic Partners have earned designation as Certified Franchise Executives, Certified Franchise Brokers, Certified Business Brokers and Commercial Real Estate Brokers. Positioned to deliver services within the U.S., Canada and other Global markets, languages spoken include: English, Spanish, Portuguese, French, Italian, German and Russian. 

How to Grow Your Personal Brand for Long-Term Success

Growing your brand can yield life-changing opportunities. If you’re interested in creating content based around your passion, it’s something to consider as an investment of time. Depending on your industry, a strong personal brand may even be a requirement for your field.

A personal brand could include your areas of expertise, colors or patterns you associate with yourself, catchphrases, or specific teaching methods. Your brand expresses how you do things differently than everyone else, and it defines your style while you do it.

While your voice and passions may change over the years, your brand also goes through a natural evolution, especially in fields like marketing, which are dependent on constant innovation. Your brand can attract interactions with other influencers, phenomenal networking opportunities and more.

Read more at Entrepreneur.com

Personal branding is the art of becoming knowable, likable and trustable. – John Jantsch

Personal Branding – Why Now is the Time to Build Your Personal Brand

Business-level branding has been a key part of the economy since the Industrial Revolution. Today, children who are not yet old enough to read can recognize popular brands like McDonald’s and Nike.

That said, brands used to be only for businesses. Employees were expected to uphold and support the principles of the brand. Some of us in marketing were even lucky enough to help our businesses build their brands. But as trust has eroded away from corporations and government institutions, we are seeing the ushering in of a new era: the personal brand.

Those of us who understand how to yield the power of our networks will achieve greater levels of professional success. And those who know how to use social channels to deliver helpful messages will ride the wave of this new era in personal branding.

Now, more than ever, is your time to shine as a positive voice in the crowded media marketplace.

The rise of branding on a personal level has been more recent. For a long time, personal branding was better left to athletes, models, and Hollywood celebrities. Today, personal branding is a key to succeeding in many different parts of life.

Read more at MarketingInsiderGroup.com

6 Reasons Why A Personal Brand Is Important For Entrepreneurs

There is a saying in sales, people buy YOU and not really your product. They buy into who you are and what you represent. And this is no more important than today’s convoluted marketplace. In the present global economy where anyone can sell anything, or anyone can copy what others are offering, having a strong personal brand is crucial in order to stand out. And not just to stand out, but to be trusted, that is the key.

People trust something they can relate to, like a person, and not just a brand. With that trust comes loyalty, and with loyalty comes fans who proudly recommend your brand to others. Think of free advertising on social media and word of mouth from strangers, who are willingly advocating that you (and your product or service) is the best they have ever had. And we all know a third-party testimonial or review is the most powerful one there is.

Having these online reviews serve an even greater purpose. According to a study by Kredible, 52 percent of online vendors lost potential sales because of information (or lack thereof) about them online. This clearly underlines how important customer reviews are, for you and your brand. More than that, it shows how a strong personal brand can make or break your business.

Learn more at EntrepreneurshipFacts.com

A great brand is a story that’s never completely told. A brand is a metaphorical story that connects with something very deep – a fundamental appreciation of mythology. Stories create the emotional context people need to locate themselves in a larger experience. – Scott Bedbury

Defining What a Brand Is: Why Is It So Hard?

A lot of people – even those in branding – struggle with answering the question: So what’s a brand, anyway?

The term “brand” first emerged more than half a century ago as a way for cattle ranchers to identify their animals. In the late 1880s, packaged goods like Coca-Cola started taking off. Brands were used to differentiate them from the generic competition.

But as branding progressed, marketers realized there was more to the brand of Coca-Cola than just a non-generic name.

David Ogilvy, the “Father of Advertising,” defined brand as “the intangible sum of a product’s attributes.”

The Dictionary of Brand defines brand as “a person’s perception of a product, service, experience, or organization.”

Marty Neumeier, author and speaker on all things brand, defines brand by first laying out what a brand is not: “A brand is not a logo. A brand is not an identity. A brand is not a product.” Neumeier goes on to say that “a brand is a person’s gut feeling about a product, service, or organization.”

Learn more at EmotiveBrand.com

Great companies that build an enduring brand have an emotional relationship with customers that has no barrier. And that emotional relationship is on the most important characteristic, which is trust. – Howard Schultz

What’s the difference between branding and marketing?

Although often mentioned interchangeably, branding and marketing are two separate things. Knowing the difference between the two is key to mastering both parts of your business. Branding and marketing are both equally important to the success of your business. Being strong on both sides will put your company on a path to success.

Ask around and you will get various answers regarding the distinction of the two, and some may even tell you they are the same. This will explain how and why they are distinct and, most importantly, how to build them both into an advantage over your competition.

Marketing can be described as an activity a company takes to promote its products or services. Marketing’s primary goal is to generate interest for the product or service. Marketing is a set of actions that are designed to communicate the benefits of a company and what it has to offer to its target consumers. 

Marketing can be carried out in many different forms that will cost varying amounts of money depending on the potential customers that each specific activity can reach. To develop and manage a successful marketing plan a business will first need to determine the message it wants to convey and that target audience to serve that message to. 

Branding, in comparison to marketing, is more internalized. It is about defining who you are. Defining your brand is paramount to the success of your marketing efforts and your business in general. 

The characteristics that make up your brand, including your name and logo, should easily identify your business to consumers and be distinct from competitors. Taking it a step further, the colors and fonts you use will become a part of your brand so the small details cannot be overlooked. 

Branding needs to be clear, concise, and consistent. Staying consistent in all aspects of your brand will allow for recognition and an easier path to building a solid reputation.

Learn more at BrandingCompass.com

Branding demands commitment; commitment to continual re-invention; striking chords with people to stir their emotions; and commitment to imagination. It is easy to be cynical about such things, much harder to be successful. – Sir Richard Branson

Where Marketing Ends, Branding Begins

So you’ve got a business and you’re ready to push your branding efforts online. The first question you encounter is “How do I go about with branding?”

What I’ve noticed from my years of experience in online marketing is that you probably think branding involves the following:

● Logos, color schemes, and website design – What should my logo be? What colors represent my business best? How do I go about with my web design?
● Brand mentions, links, and social popularity – I have to be as visible online as possible, because this promotes brand recall
● SERPs visibility, ad campaigns, and other promotional efforts

If you answered any of the above, then you’re looking at branding the wrong way. The items I mentioned are all marketing tools and strategies, and they only scratch the surface of branding.

Learn more at NeilPatel.com

Three Marketing Tactics Every Budding Entrepreneur Must Employ

As an entrepreneur, the art of marketing is at the forefront of your strategy. To grow, you need to employ thorough marketing tactics towards the right consumers. And in today’s business world, there’s a wealth of information at your fingertips. Visit your local bookstore, and there are likely shelves upon shelves of marketing advice. A simple search online will yield millions of results. But with a wide breadth of resources, it can be difficult for entrepreneurs to navigate.

For this reason, biographies and how-tos are popular in the business world. Business owners want to hear advice from people who have been there and done that. They want to learn more about the tried-and-true methods of the successful.

Read more at DazeInfo.com

Advantages of digital marketing for entrepreneurs

Most of us enjoy the security that comes with doing a 9 to 5 job. The monthly or weekly salary is a safety net that keeps our financial life balanced. But out of this lot, there are few who just can’t stand it. They hate the routine and work under someone. So what do they do?

They become entrepreneurs. Instead of working for someone, they have others work for them. While it may seem easy from afar, a lookup close will prove otherwise. If you are an entrepreneur, then you know what I’m talking about. But sometimes along the busy schedule, digital marketing might get pushed back. Which is why I’m here to tell you it shouldn’t. In case you forgot why it’s important here are advantages of digital marketing for entrepreneurs you definitely should know about.

Read more at VebudoVision.com

9 Reasons Why Every Entrepreneur Should Be On Social Media

As an entrepreneur, you are constantly trying to find an advantage. A new tool that can make you more productive, a way to save more money, a market trend you can capitalize on…

The list goes on and on, as I am sure you know. What if we told you social media is one of the biggest advantages an entrepreneur can have. Even better, it is free. Regardless of where you are on your entrepreneurial journey, pre-launch to post IPO, social media can literally be the difference in success and becoming just another failed company. You might already be active on social media, but the question is: are you taking advantage of all the benefits?

Learn more at eclincher.com

The Traits That Lead to Entrepreneurial Success

While no natural-born skill is a prerequisite, some characteristic are good predictors.

• In the trade-off between management experience and industry experience, the winner depends on the venture’s level of risk.
• Social capital – i.e., good connections – can help bring entrepreneurs to the startup stage, but only strong networking skills correlate with success.
• Entrepreneurs are generalists, not specialists – no single area of expertise can predetermine success.

What does an early-stage investor look for in a company? E. Keller Fitzsimmons, serial entrepreneur and angel investor behind the book Lost in Startuplandia, evaluates the founder themselves with a question of her own: “Do they have the ability to ride out the roller-coaster ride of entrepreneurship?”

Learn more at BusinessNewsDaily.com

“There is only one success: to be able to spend your life in your own way.” – Christopher Morley

Top 5 Barriers to Crush if You Want to Become an Entrepreneur

The satisfaction of running your own business and working for yourself is a dream for many.

Unfortunately, our own attitudes and flaws get in the way. This can keep us from truly reaching financial freedom and success.

Whether you’ve been dreaming of entrepreneurship, or already knee-deep, here are some factors that can prevent you from reaching that magic plateau.

Imposter syndrome is real. It can begin as early as high school. Some may not feel they’re on the same level as the other students. Even if they get good grades, they may believe it was a fluke or luck.

According to an article in Forbes; Imposter syndrome can be clear in both those who are just starting out and those who have already achieved success and feel like a fraud.

To conquer imposter syndrome, appreciate your successes. Acknowledge them even if you don’t believe in them.

Read more at Medium.com

The Building Blocks of Entrepreneurial Success

When you think of an entrepreneur, the kind of person that has started and grown numerous companies, what words come to mind describing them? Some that I think of include bold, creative, hustler…

In the development of the Entrepreneurial Edge assessment, we did a study to see how over 400 entrepreneurs compared with non-entrepreneurial professionals on 12 competencies that are important for entrepreneurial success. Of those competencies, three stood out as the biggest differentiators:

1. Innovation:The ability to formulate and shape novel ideas.
2. Risk-Tolerance:The level of comfort one has with taking calculated risks.
3. Visionary: The ability to conceptualize an idea in order to develop plans and set direction.

In my work, I’ve been fortunate to work closely with several serial entrepreneurs. These intrepid business people have started and operated as many as four companies at a time and have all found success to varying degrees. I’ve gotten to see the highs and lows of the entrepreneurial experience from this perspective and learned some great lessons along the way.

Read more at MHS.com

“When in doubt, bootstrap. Using your own personal resources is the easiest way to start a business. You don’t have to convince investors about the merits of your idea. You just have to convince yourself.” -Ryan Holmes, Co-founder of Hootsuite

Entrepreneurial Success Requires Stamina

People who aren’t runners assume that they can’t perform at the level of trained marathoners. New entrepreneurs do look at experienced entrepreneurs and assume that they can perform at that level.

Experienced entrepreneurs perform at the level they do because they have years of training. We’ve fallen into enough holes to know how to climb out of them, we’ve learned how to pace ourselves for the marathon, and we have successful environments that keep us rolling when times get tough.

I’ve done a lot of things in my life, and few things have been more full-contact than being an entrepreneur. It tests your emotional resolve. It changes your social networks. It strips away the security you once had in a steady, predictable paycheck. You have to learn to embrace uncertainty and deal with what comes.

And that’s when times are good.

When times are bad, you will want to quit. You’ll start fantasizing about getting a job, showing up, doing what you’re told, and going home to have some peace and tube time. You’ll hate the plans, projections, gambles, and opportunity-making that you have to do every day.

Learn more at ProductiveFlourishing.com

Diversity In Entrepreneurship: What We Can Do To Create A Level Playing Field

What inspires someone to become an entrepreneur?

I’ve often wondered what gives some people the energy and focus to take their idea and turn it into reality. I know so many others who dream but don’t ever take action to venture out on their own. They love working and contributing to an organization as part of a team and enjoy the security that comes with it.

But for some of us, entrepreneurship is like an itch that demands to be scratched. For me, it’s the challenge of creating something that makes an impact on people’s lives.

Creating a viable business requires more than just a great idea. There are the long hours and a commitment to doing the work without knowing if your work is going in the right direction or not. Of course, it also requires capital, sound decision making, strategy, the right team and luck. Without these ingredients, the business starves and fails. And even with these, the odds are the business will not make it.

Despite all the roadblocks, obstacles and low likelihood of success, 93% of entrepreneurs ultimately believe the journey is worth it, according to a new study commissioned by NPR’s “How I Built This,” The Secret Lives of Entrepreneurs.

Read more at Forbes.com

The Importance of Diversity in Entrepreneurship

It’s 2020, and the world is going to look very different in the coming decades. As of this writing, we are at the end of this phase of COVID-19 and countries throughout Europe as well as states across America are slowly beginning to reopen. The pandemic may have thrown the world for a loop, but the crisis did accelerate several trends already underway, particularly here in the United States.

While entrepreneurship has become mainstream the faces of those leading the business world have been changing (not fast enough according to some people), and now with Zoom and other digital tools at our disposal, communication gaps have been closed. When looking towards the next few decades in business, we will see leaders from a variety of nationalities and genders building the next generation of businesses.

We still have a way to go as the number of entrepreneurs who are female, African American, or of Hispanic American descent is not where it should be. However, there are encouraging trends, as fundera.com indicates that “40% of US businesses are women-owned”and that “64% of new women-owned businesses were started by women of color last year.” 

Increasing the number of entrepreneurs from these backgrounds is important for several reasons we will explore below. Particularly when it comes to education, the great modern equalizer, we can all do our part in order to bring up and work with entrepreneurs from a variety of different backgrounds. It’s not a political statement or a good PR campaign to double down on diversity when looking at the entrepreneurship space, it’s simply good for business.

Read more at Entrepreneurship.uconn.edu

The Outsized Impact of Black and Latinx Entrepreneurs

Black and Latinx entrepreneurs are a major economic force. From mom and pop shops to multimillion-dollar enterprises, minority-owned businesses generated close to $700B in revenue last year. Over the past decade, Black- and Latinx-led companies started more than 1M new businesses across the United States, leading to millions of net-new jobs. 

These dynamic Black and Latinx entrepreneurs are inspirational leaders. They defy systemic financial and institutional barriers to achieve their dreams. These trailblazers meet market needs, create their own destiny and help their communities thrive.

But too often their stories and economic contributions are not celebrated as they should be.

Let’s fix that and recognize the might of minority business leaders in the U.S. today – as well as the inequitable challenges they face.

Did you know…

Latinx entrepreneurs are leading the way. Over the past ten years, the total number of Latinx-owned business owners grew by 34% – outpacing any other ethnic group. More than 40% of Latinx entrepreneurs are millennials, and Latina women start businesses at five times the rate of their male counterparts (Who run the world? Girls!). Consider the grit and tenacity of these Latinx leaders, who strike out to be their own boss while paving the way for generations to come.

Black-owned businesses give back. Black entrepreneurs have 12 times more net worth than peers who work for an employer. Their donations of time, money and services further strengthen neighborhoods nationwide. They provide strength in numbers and power to the community.

Learn more at ey.com

10 Ways to Stay Motivated as an Entrepreneur

If you’ve just started on your quest to entrepreneurship, then you are probably finding it hard to set yourself tasks and goals without an employer or colleague supporting you. On the other hand, if you have been on this adventure for some time now, you have probably come in contact with some bumps in the road that have set you back. You may also find it hard to balance the multitude of entrepreneurial tasks you have with your personal life.

Either way, as an entrepreneur, it’s easy to lose motivation. The key is to not give up and to find ways with which you can lift yourself up on those longer, more grueling days. 

You’ve probably created your business with specific goals in mind, objectives you want it to achieve, and of course, some core values you want it to live by. The problem is, many who start their own business forget to create their own personal goals. It is crucial that you write down your reasons for becoming an entrepreneur in the first place.

Whether it be on your computer, a piece of paper, or on your phone, have them handy so that you can read them whenever you feel you have lost motivation.

Learn more at Entrepreneur.com

Entrepreneurs Define the Meaning of Business Success

Many new business owners start with a goal of “being successful.” But what does “being successful” really mean? The simplest (and most accurate) answer is that small business success is different for everyone. As with everything else for your business, it’s up to you to define success.

The journey to greatness is a different experience for each business owner. Hope Wilson, a senior marketing specialist at Skidmore, Owings & Merrill LLP, said she views business success as something larger than herself and her company.

“Success is running a profitable firm that conducts business with honesty and integrity, makes meaningful contributions to the communities it serves and nurtures high-quality, balanced lives for its employees,” Wilson told Business News Daily. “As business owners, we must think outside our own doors. We must think about the potential impacts we have on those around us as well as future generations.”

Read more at BusinessNewsDaily.com

Growth to greatness: Smart growth for entrepreneurial businesses

Business growth is one of the most talked about subjects in the entrepreneurial world. Unfortunately, much of that talk is based on faulty assumptions or erroneous beliefs about business growth. For the past ten years, I have been on a journey, along with some of my colleagues, trying to discover the “science” of business growth. The purpose of this article is to share with you some of what we have found. 

If you think about business growth, what comes to mind? Well, growth is good; in fact, businesses either grow or die. Yes, and growth is a nice linear function that depends in large part upon a business’s strategy. And growing bigger is always better.

Those beliefs are common. What do we know about them? We know that there is no basis in any science for those beliefs and that, in fact, they are not always true in the business world. At best, they are half-truths. At worst, they are pure fiction.

Learn more at IveyBusinessJournal.com

The Difference Between a Freelancer and an Entrepreneur

Which are you? Are you sure?

A freelancer is someone who gets paid for her work. She charges by the hour or perhaps by the project. Freelancers write, design, consult, advise, do taxes and hang wallpaper. Freelancing is the single easiest way to start a new business.

Entrepreneurs use money (preferably someone else’s money) to build a business bigger than themselves. Entrepreneurs make money when they sleep. Entrepreneurs focus on growth and on scaling the systems that they build. The more, the better.

The goal of a freelancer is to have a steady job with no boss, to do great work, to gradually increase demand so that the hourly wage goes up and the quality of gigs goes up too.

The goal of the entrepreneur is to sell out for a lot of money, or to build a long-term profit machine that is steady, stable and not particularly risky to run.

Learn more at AmericanExpress.com

PRO Act Would Threaten Entrepreneurship in America And Hurt Freelance Professionals

Entrepreneurship is ingrained into America’s identity, and entrepreneurs are the most resilient people you’ll ever meet. I’m privileged to see that firsthand every day, as the CEO of Entrepreneur Media, where I watched entrepreneurs and small business owners across America do everything they could to survive during this pandemic. It’s why I’m so dismayed that, just as businesses are getting back on their feet, lawmakers in Washington are trying to pass the Protecting the Right to Organize Act — a law that would cost people their income, livelihoods and small businesses, and it would devastate entrepreneurial investment, especially among women, minorities and veterans.

Too few entrepreneurs are aware of this law, which is why I’m speaking up against it. This community may have weathered a pandemic, but it doesn’t deserve the self-inflicted harm now threatened by Washington.

The PRO Act would drastically restructure our nation’s labor laws in favor of union bosses and at the expense of small businesses. Included in the PRO Act is the now infamous “ABC” test, which voters in California overwhelmingly rejected for app-based drivers, and which the California Legislature has seen cause so many issues in other professions that it has now had to add exemptions for more than 100 types of careers to its ABC Test law. The ABC test presumes employment unless a certain set of conditions are met. This structure advances organized labor’s goal of widening the eligible pool of union employees as much as possible, by making it legal to unionize independent contractors, which would have the very real, damaging effect of restricting independent and flexible work arrangements.

Read more at MorningConsult.com

“Success is stumbling from failure to failure with no loss of enthusiasm.” – Winston S. Churchill

What Covid can teach us about entrepreneurship?

Covid-19 is a big multi-faceted shock. But these types of random events are grist to the mill for people trying to learn about economic forces. In other words, it often takes something out of the ordinary for us to learn about the ordinary.

I had been waiting for research along these lines and we have just got one new paper in my own field of entrepreneurship. The work by Cathy Fazio, Jorge Guzman, Yupeng Liu and Scott Stern examines new business starts in the US over the past 18 months. In particular, it looks at where businesses were started and how this was impacted by the three waves of stimulus in the United States. The NYT has a nice summary of the results.

The broad question of interest is not about Covid-19 but about what constrains entrepreneurial ventures. Is it, for example, a lack of opportunities? This has been a strong hypothesis in the past since new business starts tend to decline in recessions and increase in booms. Well, Covid-19 wasn’t your ordinary recession. The hit to economic activity was asymmetric. To be sure, there was a change in opportunities for some new businesses — opening up a restaurant or a physical store was not likely a good idea. But for services and online ventures the opposite was true.

Read more at Substack.com

America: White Males Are Now The Minority in Business Ownership

Are you discouraged by the anemic ‘risk capital’ flows towards women and minority groups? Well, consider this broader milestone: White men are no longer the majority of business owners in the U.S. But granted that most small businesses, which include agencies and mom-and-pop shops, aren’t tech firms (albeit some productize to become one)—modernizing businesses may still offer hope. 

But what events could have caused this shift? What does it mean for the future of American entrepreneurship? Will white males dominate the business sector again?

According to Forbes, as based on The New Builders book by Levine and MacBride, of the 30.5 million total number of business owners, 12.5 million or 41% are white men, a number that’s been declining since 2015. 

The authors gathered these data with the help of Stanford University researchers, where two sets of data from the U.S. Census Bureau’s 2017 survey were utilized, which includes both employer and non-employer businesses.

This yielded results similar to the Annual Business Survey on minority-, veteran-, and women-owned businesses, although from a different perspective.

Learn more at GritDaily.com

The COVID Pandemic And Its Impacts On Culturally-Significant Businesses

In the American public sphere today, there is a lot of talk about culture and its significance in our everyday lives. In U.S. urban centers, the loss of traits that make communities unique and meaningful, particularly to long-term residents, is often due to the impacts of gentrification, redlining, environmental injustices, and the lack of sustained, community-based investment.

Yet, the exact meaning of ‘cultural significance’ is not definitively understood. This lack of a clear definition makes it difficult to support direct investment into culturally significant businesses such as COVID-19 relief that can be critical to business owners and the community members who patronize them.

Given this broader context, our study had two important goals. One was to arrive at a meaning for culturally significant businesses that allow designation to drive programs and investment across different communities. We hope that stakeholders, community leaders, lenders and policymakers can use this definition to craft policies, programs and legislation that support culturally significant businesses. These are the businesses that are critical to defining and promoting communities that have faced obstacles in the face of natural disasters, economic recessions and systemic inequality.

The second goal was to uncover and disseminate information on how these culturally significant businesses fared during the COVID-19 pandemic. Culturally significant establishments are essential to their communities. Their continued presence can offer critical support for well-being by providing access to safe and welcoming spaces for the community. These businesses are also crucial to the availability of strategic, required or highly valued goods and services near residents.

Read more at NCRC.org

Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets. – Jas Bagniewski, founder and CEO of Eve Mattress

Nearly Half of Small Businesses Unable to Fill Job Openings

A record-high 48% of small business owners in May reported unfilled job openings (seasonally adjusted), according to NFIB’s monthly jobs report. May is the fourth consecutive month of record-high readings for unfilled job openings and is 26 points higher than the 48-year historical reading of 22%.

“Small business owners are struggling at record levels trying to get workers back in open positions,” said NFIB Chief Economist Bill Dunkelberg. “Owners are offering higher wages to try to remedy the labor shortage problem. Ultimately, higher labor costs are being passed on to customers in higher selling prices.”

Sixty-one percent of owners reported hiring or trying to hire in May. Owners have plans to fill open positions with a seasonally adjusted net 27% planning to create new jobs in the next three months.

A net 34% of owners (seasonally adjusted) reported raising compensation, the highest level in the past 12 months. A net 22% of owners plan to raise compensation in the next three months, up two points from April.

Small business owners continue to report finding qualified employees remains a problem with 93% of owners hiring or trying to hire reported few or no “qualified” applications for the positions they were trying to fill in May. Thirty-two percent of owners reported few qualified applicants for their positions and 25% reported none.

Eight percent of owners cited labor costs as their top business problem and 26% said that labor quality was their top business problem, the top business concern.

Forty percent of small business owners have job openings for skilled workers and 27% have openings for unskilled labor. In the construction industry, 51% of job openings are for skilled workers. Sixty-six percent of construction businesses reported few or no qualified applicants.

Click here to view the full NFIB jobs report.

The #1 Reason Small Businesses Fail – And How to Avoid It

Cash flow.

Mention those two little words to almost any small business owner, and you’ll see them flinch. 

Very few business terms get as cool a response. And sadly, those two little words (both of them four-letter words, interestingly enough), are the #1 reason small businesses fail. They take out more small businesses than any other factor.

In fact, 82% of small businesses fail due to cash flow problems.

And while most small business owners agree cash flow is the #1 risk for small businesses, cash flow is also a blanket term – a symptom, if you will – of several underlying causes.

Learn more at Score.org

7 Common Small Business Problems and How to Overcome Them

So, the business of your dreams is finally within your reach. Maybe you’ve even arranged your financing so all that’s left is to research what it takes to run a successful operation. Part of that research is investigating the most common small business problems that arise during the first few years so you can circumvent them.

Guidant Financial teamed up with LendingClub to survey more than 2,600 current and aspiring business owners nationwide to find out the most common problems entrepreneurs face. From lack of capital/cash flow to difficulty navigating federal regulations… read more at GuidantFinancial.com for the 7 most common small business problems and how you can overcome them.

4 Small Business Tech Trends to Watch in 2021

Widespread remote work has turned small businesses on their heads. Over a matter of weeks or even days, organizations were pushed to develop, execute and maintain remote work policies that affected every aspect of operations.

This major shift will define 2020 for years to come, but the effects of widespread remote work won’t end when the calendar turns to January. Many of the trends, solutions and tools that have been utilized during the pandemic will continue to help small businesses increase efficiency and streamline productivity for years to come. 

Read more at BizTechMagazine.com

How Technology Enables Small Business

Small businesses are a cornerstone of the American economy, contributing $6 trillion in economic output and employing 85 million Americans. Unfortunately, small businesses are also heavily impacted by the COVID-19 pandemic, with one in five closed either temporarily or permanently. With social distancing restrictions in place, small-business owners more than ever count on technology to reach consumers, market their products, and grow their business. Tech has been a critical lifeline for small businesses and consumers alike during the COVID-19 crisis.

Examining the use of digital platforms as a whole in the United States before the pandemic, the national small business survey finds that the use of digital platforms by small enterprises is ubiquitous:

• 84% of small enterprises are using at least one major digital platform to provide information to customers;
• 80% are using at least one major platform to show products and services, as well as to advertise;
• 79% are using digital tools to communicate with customers and suppliers; and
• 75% are using tech platforms for sales.

Now, during the pandemic, everything from the way consumers find and purchase products and services to the way small businesses market and ship their wares is enabled by technologies. 

Learn more at USChamber.com

Special Franchising Edition

Buying a Franchise vs. an Independent Business: What Are the Pros and Cons?

You would love to operate your own business, and over the years you’ve set aside money to invest in a company to fulfill this lifelong dream. And when it finally comes time to running a business of your own, you’re left with two options: buying a franchise or buying an independent business.

While both options put you at the top of the corporate ladder, they each have their own unique advantages and drawbacks.

Franchises are essentially ready-made businesses. You don’t have to develop a new service or product that fulfills an existing problem. Instead, a franchisor provides the business model, training, assistance, and even market research. The products and services have already been developed, and the business typically has an established brand and customer base. When it comes to jumping into a more managerial role with established work processes, marketing strategies, and advertising, a franchise definitely has its benefits.

So, what is left for you to do as a franchisee? Of course, you’ll still have a lot to manage within the business just like within a standalone business.

Read more at AllBusiness.com

To Buy Or Not To Buy – Taking On A Franchise Versus Going It Alone

Type “Start your own Business” into Google and not only will an overwhelming amount of business start up information and advice appear before your eyes, but you’re also likely to be bombarded with details about a myriad of franchise opportunities to explore.

Buying into a franchise can be seen as a shortcut to business success and, as a franchisor myself, I am of course a huge advocate of the benefits of franchising opportunities – if the correct research and due diligence has been done and franchisor and franchisee are a good match for each other.

But for anyone considering taking the first steps towards launching their own enterprise, what are the advantages and disadvantages of buying into a franchise opportunity with an already established brand versus striking it out on your own?

Learn more at Forbes.com

Ultimate Guide to Business Franchising

Franchising is a great way to start a business, but before you decide to spend the thousands of dollars needed to buy one, you must do your due diligence. It is critical to understand what a franchise is and how it differs from a chain. Owning a franchise does not work the same way as a business that comes from an original idea you have.

A franchise is a business that is owned by one or more people who, under that business, provide a solution following the branding and rules set forth by its corporation. As a part of ownership, the corporation assists its franchisees and charges a flat fee along with fees based on profits or sales of its franchisees.

The International Franchise Association defines a franchise as a “method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.” 

Read more at BusinessNewsDaily.com

Do I need business experience to run a franchise?

Typically, franchisors are offering a franchise package that delivers a training programme to allow ‘inexperienced’ people to run their own businesses. This may include both business skills and appropriate service or product training.

Often, the franchisor would prefer someone with no experience in the specific sector and/or preconceived ideas of how to run the business. While a franchisor may be happy to take someone into the franchise who has no previous experience of running a business, there still need to be levels of capability. It is probable that, in a white collar franchise, it will look for someone who has a form of experience in a white collar role.

Most franchisors will take the approach that they can teach someone the practicalities. What they can’t teach is attitude. Everyone can follow the plan, but do they have the right mindset to follow the plan?

Read more at What-Franchise.com

The 6 Best Financing Options for Franchising a Business

Offering both the flexibility and independence of being a small business owner, plus the support and infrastructure of a large corporation, a franchise can be the ideal opportunity for anyone interested in becoming an entrepreneur.

Even so, opening a franchise requires a significant investment of capital — often including a hefty franchise fee along with ongoing royalties and advertising costs. Not everyone has access to that kind of cash. So, if you need a business loan to fund your franchise investment, you might find it challenging to navigate the various options available.

Read more at Entrepreneur.com

5 Ways Cutting Corners Hurts Your Franchise Business

Becoming a franchisee has immediate advantages that make it an attractive business opportunity for entrepreneurs — established brand/reputation, tried tested and true templates to follow, franchise support services and a pre-existing customer base are just a few of the benefits.

While these are critical components to the success of any business, franchises run a risk of depending heavily on these factors to be successful. 

Read about five ways that contribute to a mindset that can cause a franchisee to cut corners within their franchise, hurting their business in the process at Entrepreneur.com.

Is Franchising A Fit? Three Considerations Before You Jump Into A Franchise Opportunity

The franchise industry is expected to add more than 800,000 U.S. jobs by the end of 2021, totaling 8.3 million jobs nationwide. According to data shared to webinar attendees by the International Franchise Association (IFA), this will be the largest yearly growth in franchise establishments ever. This growth equates to 26,000 new franchise businesses in 2021, increasing the total number of U.S. franchise establishments to 780,188.

Keyser is a commercial real estate brokerage that serves tenants and occupiers of space, and our retail department that works with retailers, franchisors and franchisees has seen so much activity surrounding franchising. Why? Because franchises are proven concepts that allow for expansion backed with corporate training and support. They are accompanied by an almost guaranteed success model. If you’ve been in the market for a new business venture, franchising may be in your future.

Learn more at Forbes.com

Transitioning From Corporate America to Franchise Business Ownership

The new year is here, so many people are taking stock of their personal and professional lives to determine their direction for 2020 and beyond. Will this be the year you finally run that 5K? Is 2020 when you’ll tackle that home remodel you’ve been discussing for years?

Is it finally time to open that franchise business you’ve dreamed about?

Taking on a 5K is a terrific goal, and home improvement projects bring lots of happiness, but neither is as life-changing as abandoning life as an employee for the thrill of entrepreneurship. That’s something I’ve helped people do for more than two decades now, so I understand how hard it can be to break the chains of traditional employment – especially when that job is in corporate America.

Corporate jobs are often loaded with fringe benefits, making it difficult for employees to leave. Health insurance, retirement plans and company vehicles are just a few of the perks I’ve heard candidates discuss as reasons they were apprehensive about going out on their own. I like these perks as much as anyone, but I’m not going to limit my potential as a business owner to keep them. And with a whopping 30.2 million small businesses open in America today, there are obviously others that agree.

Read more at Business.com

Should You Invest in a Food Franchise?

Food franchises are everywhere. With new locations popping up each day, more food is being served to hungry customers, more opportunity is available to ambitious entrepreneurs and more jobs are being added to the economy. Big name brands like McDonald’s, Wendy’s and Chick-fil-A have helped drive the growth of the food and beverage franchise industry. As the most popular segment in all of franchising, the food industry now represents more than a third of all existing franchises — and it is only expected to grow. 

People love food and hold true affinities for their favorite brands. So it’s no surprise, as entrepreneurs look to franchising, they flock to their favorite food franchises.  

But, be warned. Though the right entrepreneur can join a highly satisfied group of franchise owners in the food and beverage industry, the wrong operator could succumb to the compounding challenges of the famously difficult and fiercely competitive industry: high investment costs, razor-thin margins, long exhausting hours, ever-changing customer tastes, and near-constant employee turnover. 

Learn more at FranchiseBusinessReview.com

The Pros and Cons of Owning a Part-Time Franchise

Franchise ownership is a goal shared by many; however, successfully transitioning from working a full-time job to running a full-time franchise may seem dauntingly difficult. The bills still need to get paid, the children still need to eat, the risk might be too great. However, there is another option that makes franchise ownership more attainable: going part time. And, better yet, it’s an option offered in franchise categories ranging from hair cutting to interior decorating to fitness.

Learn more at AllBusiness.com

The Definitive Guide to the Best Franchise Marketing Podcasts

While franchising is a large and important driver of the U.S. economy, industry insiders realize and appreciate that in many ways franchising is a relatively small ecosystem of brands and suppliers.

Moreover, franchising has never been accused of being on the “bleeding edge” of new technologies and unproven ideas.

So, it should come as no surprise that podcasting is an underdeveloped franchise marketing resource.

There are currently more than 600,000 active podcast shows available online. Based on conversations with franchise industry experts and my own research, I’ve featured the top franchising podcasting series below.

Why should you consider listening to podcasts? You’re already being bombarded with “new” marketing opportunities from your colleagues and suppliers every waking moment.

For one, you decide when and what content to consume without anyone selling you. Additionally, you can listen to podcasts while you work out, travel to and from work, or in the evenings after you get home. They are relatively short (versus books on tape for example), free, self-paced and no one is offended if you skip episodes or drop off at your leisure.

Learn more at FranchiseGator.com

Funny, Inspirational Quotes About Franchises

Franchising is a business model that born in the U.S. with the Singer Sewing Machine Company in 1851. In many countries around the world, America is best known and often characterized by its pervasive all-American franchises.  Many of the largest U.S. retail and restaurant chains are completely dependent on their franchise locations and franchise owners for their success.   

What do consumers, business leaders, and famous founders think about franchises and franchising?  

These are funny and inspirational quotable quotations about franchises, franchising, franchise owners, and specific franchise chains like McDonald’s, Burger King, Taco Bell, Wendy’s and KFC.  These franchise quotes are arranged in no particular order.

Click the links to find out more about an individual company or quote author at TheBalanceSMB.com.

Monday Motivation To Start The Week Off Right

Mondays are commonly considered to be the worst day of the week. They’re the days where it can feel the most difficult to get out of bed. We all know the dread that Sunday night can bring. Luckily, Mondays don’t always have to be this way. On the contrary, with the proper guidelines and motivation, they can quickly turn into one of the best days of your week. So, let’s cut to the chase. Here’s everything you need to know to have an awesome Monday and start your week off right!

No matter what you’re experiencing in life, motivation will bring benefits. Below, we’ll discuss some common benefits of motivation.

Motivation prompts action and allows us to exceed our own self-expectations. If you don’t have sufficient motivation to enjoy being involved in your daily activities, they can seem like a pointless and tiring chore. When you don’t care whether you do anything or not, you may even find yourself lying in bed all day. Then, after you find your motivation, you’ll wonder how you let yourself waste so much of your time!

Read more at BetterHelp.com

“Either you run the day or the day runs you.” – Jim Rohn

Do These 8 Things on Monday to Start Your Week Off Right

Garfield the cat got two things very right: First, lasagna is delicious. Second, Mondays can be a real drag. It’s not merely the transition from playtime to the work and school week. Many of us stay up later on weekend nights and sleep in during the day, messing up our circadian rhythms and making us grumpy and irritable when the alarm goes off on Monday morning.

The stress of starting the week may even affect our health. A 2004 study found that blood pressure tends to be highest on Monday mornings, while another concluded that Monday is the most common day of the week for heart attacks. All of this may make you want to hit snooze and spend Mondays under the covers.

Fortunately, you can reverse the trend and set yourself up to have a positive, healthy start to the week. Here, experts weigh in on eight ways to make this a reality. (P.S. If you don’t work a traditional Monday-to-Friday schedule, this advice is adaptable to whenever you switch from off- to on-duty.)

Learn more at RealSimple.com

6 Ways To Become A More Creative Entrepreneur

Entrepreneurship and creativity go hand in hand. Unfortunately, creativity can easily be overshadowed and stifled by business processes, leaving it simmering on the back burner rather than being a driving force. The truth is, creativity actually helps every aspect of business, so it’s something that needs to cultivated and maintained.

To get some advice on how to tap into creativity as an entrepreneur, I talked to Edmond Huszar, better known by his stage name OVERWERK. Huszar is a Grammy award winning DJ, producer, and designer. Creativity is at the heart of everything he does from creating music to managing his business.

Storytelling is the ultimate creative tool, a powerful way to capture someone’s attention and connect with them. “It’s important to just try and connect with what you’re putting out in the world and think about the impact it will have. Connect with the authenticity of the story that you’re trying to tell,” advises Huszar.

As you create content, think about how it makes you feel as you’re creating it, and how it might make other people feel as they experience it. Don’t just go through the motions. According to Huszar, “If you’re just doing it, if you have ulterior motives or some other agenda when you’re being creative, people can sense it in the work and it just doesn’t turn out as well.”

Read more at Forbes.com

Business Hacks: 21 Simple Mindset Hacks for Entrepreneurs

Do you ever wonder why some people have the ability to bounce from success to success, without falter?

To be clear, no one has that ability, but it can seem like that.

Not surprisingly, we need more than motivational quotes to succeed. There are many mindsets, skills, and attributes required for success as an entrepreneur.

Fortunately, most of them can be learned, strengthened, and nourished through diligence and a willingness to grow.

Having the proper success mindset as an entrepreneur will enable you to deal more effectively with the day-to-day of your business. Because you will be thinking – and acting – like a true entrepreneur.

Business mindset: a way of thinking that enables you to uncover and see problems as opportunities, and then turning those opportunities into a business. It is an understanding that everything around us is the result of someone having an idea and then executing it.

Read more at HackTheEntrepreneur.com

5 Startup Mistakes Every Entrepreneur Should Avoid

Entrepreneurship is all about taking new initiatives while investing your finances in the hope of earning profit. With the advancement of time, many people are jumping in this river for a good name and better lives. This increased number of businesses is taking the world’s economy to another level.

But everything has some rules and regulations for its perfect operation to do the entrepreneurship. As a business consultant, I have observed many things responsible for leading to a business failure.

If you intend to take a business initiative, you must have proper planning for that. Don’t behave like an unguided missile going in any direction. Make a strategy for everything, set your objectives and goals to go smoothly.

Learn more at Medium.com

6 Reasons Why A Personal Brand Is Important For Entrepreneurs

How many smart and talented people do you know who are struggling financially or career wise? Chances are… quite a few. Despite having the skills and expertise, they somehow fail to jumpstart their businesses or careers. A big reason for this is that they lack the credibility outside their current circle of influence. This is where personal branding helps.

A personal brand is quite simply a strategic presentation of a person’s talents, skills, and expertise designed to first, expand his or her circle of influence, and second, increase his or her credibility in that expanding circle. Think of it as a “Credibility Bank”, where constantly working on your personal brand gives you an opportunity to make small daily and weekly credibility deposits. And over time, as you further increase your circle of influence, you also increase your credibility to more and more people.

Why do you want to increase your credibility you might ask? Well, people will naturally want to do business with you when they trust you. If you’re having trouble getting people to purchase your product or do business with you then building up your personal brand is something worth considering.

“All of us need to understand the importance of branding. We are CEOs of our own companies: Me Inc. To be in business today, our most important job is to be head marketer for the brand called You.” – Tom Peters in Fast Company

Read more at EntrepreneurshipFacts.com

How to Build a Personal Brand (Complete Guide to Personal Branding)

For freelancers and entrepreneurs, building a personal brand has never been more important than it is today. Anyone with access to the internet and social media can build an audience, position themselves as an expert, and start attracting clients for their business. And that’s exactly what a lot of people are doing.

A recent study by Upwork revealed that the freelance workforce is growing at a rate 3x faster than the overall workforce in the U.S. By 2027, freelancers are expected to make up the majority of the U.S. workforce.

While it’s great to see that so many people are embracing their entrepreneurial spirit, this also means that every self-employed freelancer, independent contractor, and entrepreneur will soon face more competition than they already do. The key to differentiating yourself from your competition is building a personal brand.

When you’re building a business around your area of expertise (as an author, speaker, coach, consultant, freelancer, etc.), the concept of building a personal branding probably comes naturally to you. When you’re the face of your business, building your personal brand makes perfect sense.

Read more at Thinkific.com

Why Personal Branding Photography is a Must for Entrepreneurs

In today’s marketplace, building a personal relationship with your clients is key. People want to know who they are buying from and why they should do business with you verses all the others who are selling similar products or services.   Photography plays a big part in building that relationship and getting the word out about your brand.

Personal branding involves influencing the way potential customers see you and view your products or services, which is why personal branding photography can have such a massive impact. Professional photos are an asset and will serve you for years to come. Here are a few of the ways that you would benefit from taking professional personal branding photos.

• Send them with your press releases. If you usually send out press releases or are planning to in the coming year, professional photos will help your submission stand out.
• Use them throughout your website. Businesses that feature professional photos of real people inspire more trust than those that use stock photos. Real photos also help tell your business story more authentically. At the very least, you should always have a professional headshot on your website so that potential customers know who they are doing business with.

Learn more at lifeinpinkphotography.com

“The greater danger for most of us lies not in setting our aim too high and falling short, but in setting our aim too low and achieving our mark.” – Michelangelo

Acceler8Success Group: Connecting the Right Brands, People & Opportunities!

Whatever you decide to do or have to do this weekend, be sure to do something, at least one thing specifically for you. Here’s a bit of inspiration and motivation to help you think about and plan for next week. Have a great, safe weekend. Make it happen. Make it count!

“Never give up, and be confident in what you do. There may be tough times, but the difficulties which you face will make you more determined to achieve your objectives and to win against all the odds.” – Marta

There’s a huge difference between goals and wishes but they’re often confused as the same. Why? Because the desired end results appear to be the same and especially if they’re articulated with what appears to be passion. However, the difference comes down to action. Wishes are nothing but talk with no definitive action plan. Goals are real, but only with a definitive action plan. Dennis Waitley states it best, “A goal without a plan is just a wish.

“Whether you’re almost to the top or just barely hanging on, your next move will most likely require an extraordinary effort. Are you mentally and physically prepared to make that effort?”

A Message from Acceler8Success Founder, Paul Segreto

I recently watched “Rounders” for what was probably the 100th time I’ve done so. If you’re not aware of the movie, it’s basically about the dark side of underground high-stakes poker. Movies like this also seem to make a correlation to business for me. For instance, the main character, Michael McDermott says, “Why do you think the same five guys make it to the final table of the World Series of Poker EVERY YEAR? What, are they the luckiest guys in Las Vegas?” That makes me think of the same entrepreneurs that start one business after another, and all succeed. Do you think that’s luck? Hell, no! It’s knowing when to take a calculated risk, understanding the odds, hedging bets when necessary, being patient, exploring opportunities to increase your bankroll and knowing when to take a competitor head-on. It really is a mindset… But we must always remember, “You can’t lose what you don’t put in the middle. [pause] But you can’t win much either.”

Act swiftly. Act decisively. Make it happen. Make it count. #Acceler8Success

Entrepreneurship is the Future of Employment

We are in the midst of a job revolution due to industry change and rapid evolution of technology. Exponential technologies like AI, robotics and automation are predicted to replace many jobs and new inventions will make old technology obsolete. The McKinsey Report states that 15-30% of jobs could be displaced by 2030.

However, it does not mean jobs will disappear entirely; they will be replaced by new jobs in new industries. In addition, the structure of “work” will change. In fact, it has already started. With “gig economy” jobs, like driving for Uber or delivering for InstaCart, traditional full-time employment is becoming less of the go-to standard, both for employers and employees.

What this means is that regardless of the industry in which you currently work, you would be wise to pay attention to changes in the marketplace and where your industry is going. Many people will need to re-tool their skills to pivot into new industries, as old ones fall away.

There is no need to panic though; we have been here before. And with each new wave of innovation, old technologies and industries have fallen away. But every single time industries have died, new ones have been born.

The electric refrigerator disrupted the ice industry. The gasoline automobile replaced the horse and buggy. In the same way, robotics are automating jobs once held by people, and smartphones have replaced the need for CDs, newspapers, books, magazines, cameras, calculators, GPS, and more.

Read more at Addicted2Success.com

Employment As A Pathway To Entrepreneurship

From the United Nations Sustainable Development Goals (SDGs), to municipal government policies, youth employment is recognized as one of the most pressing issues facing the Middle East and North Africa (MENA) today. With a youth unemployment rate of 30%, the MENA region continues to be the hardest place in the world for young people to land a job.

Nearly 60% of the region is under 30 years old, and governments face certain social and economic crisis if they fail to generate economic opportunities. There is an equally dramatic potential upside, too, if youth are enabled to contribute to economic growth and stability in the region. If the region can grow employment by just half a percent, real GDP growth would accelerate to 5.5% per year, and real per capita income would rise annually by 3.8%, according to the IMF.

With 5.5 million young people entering the labor market annually in a region that creates only 3.6 million jobs each year, many posit entrepreneurship and self-employment as an antidote to the current and growing youth employment crisis facing MENA. The International Monetary Fund (IMF) estimates that 27 million new workers will enter the labor force over the next five years. With public payrolls decreasing, and low levels of investments creating new jobs, it is natural to look to entrepreneurship to create employment opportunities that currently do not exist.

After all, in most developed economies the majority of new jobs are created by small business. In the United States, for example, 64% of new jobs were created by small businesses over the last decade, with most jobs added by firms with fewer than 20 employees. A report by Endeavor Insight posited that for every ten successful new enterprises, more than 2,500 jobs are directly created. So, the question becomes: how do we equip the MENA’s tremendous youth population to succeed in becoming job creators?

Read more at Entrepreneur.com

“Start as small as you can. When I started SkinnyMe Tea, I had $24 in the bank, and I was entirely self-funded. If you are not embarrassed by the first version of your product; you’ve launched too late.” -Gretta Rose van Riel, Founder of Hey Influencers

9 Reasons Why Being an Entrepreneur Is the Best Job

Most of us harbor dreams of becoming entrepreneurs and make it big in the business world, but not all of us actually make those dreams come true — very few of us are bold enough to do what it takes to become entrepreneurs.

There’s no denying that it takes immense dedication, discipline, and hard work to just survive, let alone make it big, in the business world. However, running our own businesses also allows us to follow our passions as well as empower us enough to do so.

Some may say that it’s all about the drive that makes certain people want to quit their jobs and strike out on their own. Having said that, it would only be natural for wannabe entrepreneurs to wonder as to what some of the world’s most renowned and successful business owners had on their minds when they decided to be their own boss and run their own show. There are several answers to that.

Learn more at AllBusiness.com

Do These 10 Things Before You Quit Your Job

If you are starting your own business and planning to quit your job, you are a brave person. Everybody wants freedom. But just like all the other great things in life, it has its own cost. Only a few people can pay for it. 

Entrepreneurship involves certain risks. You have to make new plans, new teams, and make decisions at the right time. Therefore, proper planning is necessary. You should be familiar with all the pros and cons of the whole process. Otherwise, the plan might backfire for you.

Learn more at StartupMindset.com

Preparing for Entrepreneurship

Let me get this straight — entrepreneurship is not for the faint hearted. Taking risk is not something people should go into at the drop of a hat. The life of a Startup founder requires a lot of preparation and intent. Dropping everything to start your own company is always a dream for many people who want financial independence and progression. However, it is always necessary for you to critically prepare yourself for the lean years, before you leave your day job, and leap into entrepreneurship.

The first and foremost thing that you need to accept to become an entrepreneur is yourselves. Prepare yourself mentally. It isn’t about the product although it is a part of the process. Most of the startup success or failures have and emotional aspect connected. However big a small the profit you make, reality is you never stop riding the tiger. It’s always not about your expectations. Its practicality.

Consider most of your businesses is bound to fail before we even 3 quarters. Would you be emotionally ready to see your passion fall apart? Are you willing to put in more work and responsibility than you ever would? Are you prepared to leave your day job working for someone else and work for yourself with 10 times the most sincerity you had with your boss? Chances are you will end up working twice as hard and you will be responsible for not just yourself but your entire group of employees. Before you leap in and take entrepreneur journey of faith, make sure you are prepared to handle any circumstances that surprise you.

Read more at Medium.com

Role of Motivation in Entrepreneurship

Entrepreneurs are known for their tenacity and commitment – to lofty ideals, long hours, and success. They are hard workers who go into a project passionately and find success because they can convince other people of the value of their ideas. A key factor in sustaining this kind of energy, creativity, and drive is motivation. The role of motivation in entrepreneurship is foundational to their ultimate success.

Motivation services as the reason, or reasons, that compel someone to continue striving and working. It provides hope and clarity when circumstances become hard and discouraging. Entrepreneurial motivation, then, is fundamental in someone’s decision to embark on the journey of creating a business.

Motivation is also important to those that entrepreneurs work with and interact with. Entrepreneurs need to understand, tap into, and sustain their own motivation for starting a business, but they also need to be able to motivate others to buy into their idea. Whether it’s motivating investment groups to provide startup funding or motivating eventual employees during the early days, motivation is key to keeping everyone on the same page about the mission of the new business and working towards fulfilling that.

Learn more at TechFunnel.com

Entrepreneurial Motivation

Entrepreneurial motivation is the process of transforming an ordinary individual to a powerful businessman, who can create opportunities and helps in maximizing wealth and economic development. It is defined as various factors stimulate desires and activates enthusiasm in entrepreneurs which make them attain a particular goal. Entrepreneurship is the process of identifying strengths and opportunities which help in the realization of one’s dreams for designing, developing and running a new business by facing threats and risks effectively.

To become an entrepreneur one should identify their strengths and opportunities from the external environment. Here motivation plays a major role in identifying their own strengths to become strong leaders or powerful entrepreneurs which make them to accepting risks and face uncertainty for the purpose of reaching pre-described goals.

Motivation makes entrepreneur by fulfilling higher level needs such as recognition, esteem, and self-actualization. Various theories explained motivation as an influencing concept, it can bring out hidden talents and creativity, and it contributes to the individual goals and society development. Maslow’s need hierarchy theory, Hertzberg’s two-factor theory, and David MC Clelland’s acquired needs theory proved that motivation can bring energy, enthusiasm, creativity and efficiencies in fulfilling the desired objectives.

Read more at MyVenturePad.com

The quote below is tough to read with conviction because we’ve all been victim to that nasty thing that truly prevents us from achieving more – excuses! Sure, at times we justify our actions by listing reasons why something wasn’t done but were the reasons actually excuses that we eloquently dressed in their Sunday best so they would not stick out like the proverbial sore thumb, soon to be forgotten?

Hey, we all make excuses. If you don’t think so then you’re making an excuse right now, this very second. So, the next time you try to come up with a reason to justify an action or inaction, think long and hard about whether or not it’s actually an excuse that you may be looking for to… sleep late, not exercise, push off that project, stay in your job, plan that visit to the doctor, make that call, continue your education – well, I’m sure you get the picture. If not, there you go again justifying with reasons when they’re really excuses. Have a great day.

Aspirations And Goals: What’s The Difference?

Aspirations and goals are crucial to your pre-MBA strategy. Think of them as your true north, your guiding star in the application process and even throughout your time in business school. Why? Knowing the reasons for pursuing an MBA will help you choose the right program for you – and help you get the most out of your MBA experience.

Let’s face it: An MBA is a serious investment of your time and money, so understanding exactly what you want to get out of it is critical. Plus, most adcoms will also be looking to see that you have described a clear, realistic goal in your application.

You’re likely motivated by both goals and bigger-picture aspirations. What’s the difference? What is an aspiration?

• A goal is something that you plan to do or accomplish in a specific period of time. One way to look at it is this: Industry + Function + Timeframe = Goal. Example: “Immediately upon earning my MBA (timeframe) I plan to become a consultant (function) at a top strategy consulting firm (industry).”
• An aspiration (or vision) is broader both in impact and timeframe. Example: “As a manager, principal, and partner (function + timeframe, since this shows career progression) at a major consulting firm (industry), I envision developing an enhanced form of consulting where clients rely on our firm to take initiative – to prevent and foresee problems, and not just solve them after they occur; to inform them of opportunities, and not just evaluate those they may have discovered (broad impact). In addition, I would like my consulting experience and business acumen to benefit Favorite Cause X. My management skills and my proactive approach would allow Organization Y, where I have volunteered for the last two years, to make the most of its limited resources and have a far greater impact on Favorite Cause X (broad impact).”

Read more at PoetsAndQuants.com

“Don’t set your goals by what other people deem important.” – Jaachynma N.E. Agu, The Prince and the Pauper

Why more and more young Americans are becoming entrepreneurs

Are Americans becoming more and more entrepreneurial? New research may point to a growing trend.

According to a new survey, out of a pool of 1,000 millennials, 1,000 Gen-Xers, and 1,000 Baby Boomers, millennials were found to be most likely to have some type of small business. By a long shot.

Nearly one in three millennials (30 percent) said they have some type of small business or side hustle, with 19 percent saying it’s actually their main source of income.

One in five Gen-Xers also have some type of small business, but only 11 percent of boomers were able to say they run their own small business.

Millennials were also by far the least likely to say they had no interest in starting a small business, with only 28 percent saying this. For comparison, three in four boomers (74 percent) said the same.

The survey, conducted by OnePoll on behalf of GoDaddy, undoubtedly pointed to one clear fact: young Americans are ready to be their own boss.

Read more at NYPost.com

Young Entrepreneurs are Redefining the American Dream

For young entrepreneurs, the American dream has changed.

There has been a massive shift in values.

Rather than looking for a job with good benefits and the opportunity to become a homeowner - young entrepreneurs are seeking freedom. Freedom of time and location.

This shift in values is shaping what the future of work will look like. It’s almost to the point that if an employer wants to hire and keep high-quality employees, they have to deliver more rewarding, flexible, and innovative opportunities that allow employees to build a lifestyle around their job.

As the new-normal shifts and technology continues to evolve, remote working opportunities and the ability to earn money online are becoming easier to obtain and more prevalent across the world. The vision baby boomers once held near and dear to them is not the dream of any generation proceeding them.

Read more at Entrepreneur.com

What Is A Startup?

Startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers.

Startups are rooted in innovation, addressing the deficiencies of existing products or creating entirely new categories of goods and services, thereby disrupting entrenched ways of thinking and doing business for entire industries. That’s why many startups are known within their respective industries as “disruptors.”

You may be most familiar with startups in Big Tech—think Facebook, Amazon, Apple, Netflix, Google, collectively known as FAANG stocks—but even companies like WeWork, Peloton and Beyond Meat are considered startups.

Learn more at Forbes.com

The Most Important Factors for Startup Success

Growing a successful startup takes time, talent, and solid business acumen. It is well-known in entrepreneurial circles that approximately one quarter of venture-backed startups will find long-term footing in their respective industries, and 50 per cent of those will make it past their fifth anniversary.

These statistics don’t mean only 25 per cent of all entrepreneurs have worthwhile ideas. While it’s understandable why some people want to tie the future of a startup venture entirely to the idea behind it, the ultimate success or failure of a startup is actually driven by a complex and diverse set of factors, decisions, and circumstances.

Read more at Salesforce.com